has lost about 82 per cent of its value since September, when the global financial crisis took hold, the same percentage loss as during the 1998 crisis that wrecked Russia's economy and spread throughout the region.
Five out of six officials who chose to accept bribes in at least one round managed to make more than one experimental hryvnia
per round (the sixth one averaged one experimental hryvnia
Morykvas shows a real world, not necessarily through a realistic prism, but a real world where a friend may come to borrow a hryvnia
for a pack of cigarettes.
Rating agency Fitch believes that the local currency hryvnia
may fall 10% by the end of the year because of fairly weak confidence in the currency.
In addition, the end of last year saw an increase in hryvnia
exchange rate fluctuations and a noticeable easing in fiscal policy, thanks to, among other things, sharp increase in pension payments and budgetary spending being unevenly distributed over the year.
Contract awarded for Software support of the hryvnia
software system of the arm zarplata
The bank had earlier employed the team to move the country's national currency, the hryvnia
, to a blockchain.
The country's difficulties have also resulted in depreciation of the Ukrainian hryvnia
, which has led to a severe contraction in USD denominated premiums.
Since April 2014 the hryvnia
has lost 80% of its value, when pro-Russian seperatists took up arms in the country's eastern Donetsk and Luhansk regions.
In addition to the heavy costs of the continuing military operation and the displacement of more than one million people from the east, Ukraine has had to grapple with a collapse in the value of its currency, the hryvnia
, and spiking inflation.
The importance of reaching a deal was demonstrated by a dramatic collapse in Ukraine's hryvnia
currency, which lost nearly a third of its value after the central bank halted daily auctions at which it sold hard currency to banks.
Meanwhile, Ukraine's foreign reserves dipped to its lowest level in 10 years due to the slowdown in the country's economy and weaker currency, the hryvnia
, as the separatist campaign in the east continues.